SEPARATE BITCOIN FROM BLOCKCHAIN..... Blockchain More Important Than Bitcoin- Chinese Banker

The head of China Renaissance, Fan Bao came down to earth with his comment about bitcoin and blockchain technology. He said we "should separate bitcoin from the blockchain", insisting that bitcoin's underlying technology is more important than the cryptocurrency itself.

Fireinthebone gathered that Fan Bao, make his remarks in an interview with CNBC, saying that while bitcoin's market may be a bullish one, he believes that underlying blockchain tech is more attractive and "probably the most disruptive technology...in the financial services industry."

"I'm a strong believer in blockchain in terms of its wider application in our industry," he added.

The banker was reviewing the bitcoin resilient in the market, after bitcoin reached another all-time high over $6,100 last week, followed by a few days' fallback to around $5,500 and $5,872.60 as of press time.

Meanwhile, Russia's National Securities Depository (NSD) has just issued the first-ever live bond at $10 million using smart contracts and the open-source Hyperledger Fabric blockchain. And Hong Kong Stock Exchange is also on its pace launching a private market for smaller firms interested in developing blockchain applications to explore more use cases.

Commenting on Chinese government position on cryptocurrency in general, Bao thinks the Chinese government has taken a liberal approach towards innovations with its open market policy. He mentioned the most recent Chinese Government endorsement of blockchain as a strong tool that should be used to establish a credibility system for the country's supply chain industry.

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